Tax return mistakes are not uncommon. Since taxes can be extremely complicated and the documents required to file them properly are sometimes difficult to understand, mistakes occur more than you may expect. This is especially true for taxpayers filing their own returns. Now add to the mix that a lot has changed with the passage of the Tax Cuts and Jobs Act.
As a reminder to those who have not yet filed their 2018 tax returns, April 15, is the due date to either file a return (and pay the taxes owed) or file for an automatic six-month extension (and pay the an estimate of the taxes owed).
Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it.
It’s been more than one year since tax reform was passed and taxpayers and their tax advisors have been waiting for guidance as to whether rental property will be classified as a trade or business for purposes of qualifying for the IRC Sec 199A 20% pass-through deduction (referred to as the 199A deduction).
Taxpayers are required to pre-pay their taxes through payroll withholding, estimated tax payments or a combination of the two. Employees generally accomplish this through withholding, while owners of pass-through entities, self-employed individuals and those with investment income by paying quarterly estimated payments.
Tax season is just around the corner. Online services have become a popular choice for individuals and families to prepare and file their returns. But there are a wide range of situations that call for professional assistance.
Let’s say that you have just received the results of an IRS audit and they are not favorable. The auditor has assessed additional back taxes, and now, you are on the hook for additional interest and penalties as well. Do you have any recourse against these findings?
The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended.
Taxpayers wanting to make an IRA contribution for 2016, have until the unextended due date for filing their 2016 return, which is April 18, 2017. Contributing to an IRA has several benefits, the most important one being that you are saving for your retirement.
During 2016 you may have made substantial gifts to your children, grandchildren or other family members as part of your estate planning. Or maybe you just wanted to help those close to you with some financial support.